Alteva understated net loss for 2012 by $1.4M

Thursday

Mar 27, 2014 at 2:00 AM

Jessica DiNapoli

PHILADELPHIA — Accounting errors led Alteva to understate its net loss in 2012 by $1.4 million. The company originally said it lost $9.5 million.Mistakes related to income taxes led to the mistake, according to a filing the company, formerly known as Warwick Valley Telephone Co., made Tuesday with the Securities and Exchange Commission.The company is working to resolve similar accounting issues affecting the first three quarters of 2013. Alteva expects that its tax expense for that period will total $381,000, compared with a previously reported income tax benefit of $114,000.Alteva said its financial statements for 2012 and the first three quarters of 2013 should not be relied on.Last week, the company announced it would file its annual report about two weeks late. It expects to file by April 1.